Are All Flood Insurance Policies the Same?

Flooding is typically something that is not covered by your home insurance policy. As such, you may be looking to purchase a separate flood insurance policy. This is something that we at Benefit Insurance Services, serving the greater Myrtle Beach, SC area, strongly recommend. If you are looking to purchase a flood insurance policy, you may find yourself wondering if all flood insurance policies are the same. Here is what you need to know when looking for a policy. 

What Type of Policy You Are Buying

When you are looking to purchase flood insurance, you have two options. You can purchase a private flood insurance policy or you can purchase a flood insurance policy from the National Flood Insurance Program. Private flood insurance policies vary in price from one company to another. They also offer different coverage levels and deductibles. Policies issued by the National Flood Insurance Program are fairly standard. The coverage level is pre-set and the price is the same, regardless of who sells it to you. 

What the Policy Covers

When you are looking to purchase a flood insurance policy, it is important to pay close attention to what is covered. Those offered by the National Flood Insurance Program typically cover water damage to your home and belongings. But they do not cover the cost of mold remediation, if mold forms because of the flooding. Private insurance policies often do, which is typically one of the major differences, aside from the coverage levels, between these two types of policies. 

If you do not have flood insurance, it is highly recommended that you purchase a policy. Here at Benefit Insurance Services, serving the greater Myrtle Beach, SC area, we can help you get a policy today. Contact us now to get started. 

What are the Flood Insurance Requirements?

Owning a home is a very important responsibility that needs to be taken seriously. For those that are in the Myrtle Beach, SC area, making sure their home is properly insured is very important. One important part of insurance for homeowners in the area is to have flood insurance. There are a number of different flood insurance requirements that property owners should be aware of.

Mortgage Lender

In the vast majority of situations, your mortgage lender will be the entity that requires you to have flood insurance. If you have a loan that is insured by the FHA, the federal government will require your lender to have you have a flood insurance policy if you are located in a designated FEMA Flood Zone. The flood zone map is updated regularly to show areas that have certain levels of flood risk. Beyond your mortgage lender, your home association may also require you to carry flood insurance.  

Insurance Coverage Requirements

While a mortgage lender will require you to have flood insurance if you are located in a certain flood zone, the amount that you actually have to pay for insurance will vary from one situation to the next. The flood insurance laws require you to have flood insurance coverage of at least the lesser of the outstanding balance on your mortgage or the otherwise insurable value of your home. The mortgage lender will also need to be a named party on your flood insurance policy.

For those that are in the Myrtle Beach, SC area and are wondering about their flood insurance needs, speaking with Benefit Insurance Services could be a great option.  Benefit Insurance Services will be able to help you to better understand your insurance needs and be able to get you the flood insurance that you need.

Why You Need Flood Insurance

A few inches of water in your home caused by the floods can bring in thousands of dollars losses. Unfortunately, it can be hard to predict when such a disaster could happen. The only thing you can do is stay prepared for it at any time, and the best way to do so is by purchasing flood insurance. It is the best step you can take to protect your home, family, and business in Myrtle Beach, SC and Benefit Insurance Services is here to offer you with comprehensive flood insurance policies to ensure that you are entirely protected. There are numerous reasons why you should consider purchasing this type of insurance coverage which includes;

Your standard homeowner insurance does not include flood

Even if you already have a homeowner insurance policy, you should not relax and leave it at that. The policy does not cater for flood losses, and you are therefore required to have a separate policy specifically designed for flood protection.

Flood damages are expensive 

Unlike other accidents or disasters, floods can take you back to zero level where you got nothing left. All your property and investment can be carried away within a short time which can be very frustrating and it could be hard to recover this with you in-pocket funds.

You cannot depend on federal government to pay you for the damage 

The federal government is only available to you if the head of state declares your area a disaster. That is the only time you can count on its compensation. Even when it is available, the payment is only a small interest, and it is, therefore, a wise investment to protect yourself with flood insurance.

Most homes are a flood zone 

You may feel like your home is a low risk of the flood but statics have shown that most flood claims are made by individuals considered to be living in such areas. Do not leave out any chances of being caught off guard. 

Make a point of purchasing flood coverage from Benefit Insurance Services today and get to enjoy these benefits and more. We are here to serve all Myrtle Beach, SC residents by offering the best services to leave you satisfied.

Prepare for Flooding During Hurricane Season

Floods are widespread and extremely costly. In Myrtle Beach, SC, the independent insurance agents at Benefits Insurance Services would like to share some important information with you to help you prepare for flooding during the hurricane season.

Heed Hurricane and Flood Warnings

A flood is an immense threat to communities. Water can rise way above sea levels and become stagnant in the streets. Even if you live in an area where flooding is not commonplace, water levels can easily reach your home during a storm. Hurricane and flood warnings are issued when the risk is imminent, so take them seriously and protect yourself.

Prep Your Home

Unplug devices, appliances, and electrical equipment. Make sure anything that must stay plugged in during the storm is placed on a surge protector. If your electricity shortens during the hurricane, your refrigerator should be safe if it is plugged into a surge protector.

Fill sandbags and place them outside as a barrier to prevent water from seeping indoors. Even a little water can damage rugs, furniture, flooring, and walls. You’ll need flood insurance to help with the damage that a flood causes after a hurricane has passed.

Move furniture, clothing, and equipment off of the floor. If at all possible, put it on the second level of your home.

Store Emergency Supplies

Keep a box of supplies in a place where you can get to them quickly. A medium-sized container or box should hold everything you’ll need during and after the storm.

  • First-aid kit
  • Flashlight
  • Canned food
  • Bottled water
  • Dry clothing
  • Rain gear
  • Prescriptions

Talk with your independent agents at Benefit Insurance Services in Myrtle Beach, SC before hurricane season begins. You should purchase flood insurance to protect you from the cost of repairs you’ll need if your home or property becomes damaged.

Reasons To Consider Purchasing Flood Insurance

Contrary to popular belief, flood insurance is not something that should just be for homes in flood areas. There are several reasons why you may want to consider flood insurance. If you have not considered it before, continue reading to see why it may be something you want to purchase for your home. 

  • Flood insurance is not likely included in your homeowners insurance policy. Many people think that flood coverage is included in their existing policy but it is one thing that homeowners insurance does not cover in the majority of cases. If you want it, you usually have to purchase it in addition to your current policy. Take a look at your policy to see if it is included.
  • Floods can happen anywhere. In fact, twenty percent of all flood cases happen in low to moderate flood areas. They can even happen without it raining. You could have a flood because of a pipe burst in your home or near your home. You could even have a flood in your home from an above ground pool that gives way near your home. There are many different possibilities. 
  • New construction areas are more prone to flooding. That is because there is not enough grassy areas that can absorb the rain during a storm. There is more standing water and it can cause damage to your home if it gets inside. If you live in a new construction area with roads and sidewalks, it may be a good idea to consider flood insurance as a way to protect your home. 

If you would like to get a flood insurance policy or take a look at your current policy, feel free to contact us at Benefit Insurance Services. We will be happy to explore options with you.